【Calcined Petroleum Coke】Price Remains Firm at the Start of 2025

Recently, for calcined petroleum coke (cpc) with a particle size of 8-25mm and sulfur content (S) ≤ 3.5%, the mainstream quotation is concentrated between 2,250-2,350 CNY/ton (ex-factory, including tax).

Raw Material Side

The current average price of petroleum coke is 2,476 CNY/ton, up by 34 CNY/ton from the previous trading day. PetroChina refineries are experiencing smooth shipments, with some refineries having low inventory. Sinopec refineries' coke prices remain stable, and low-sulfur coke is being actively sold. CNOOC refineries mostly ship based on orders, with prices at Huizhou Petrochemical increasing by 300 CNY/ton. The current average price of independent refinery petroleum coke is 1,810 CNY/ton, up by 24 CNY/ton from the previous trading day. Some refineries adjusted prices by 10-130 CNY/ton, with some refineries undergoing maintenance, benefiting the market for shipments.

Demand Side

1. Graphite Electrode Industry: Currently, supply and demand are relatively weak. Graphite electrode companies have limited stock, and bidding and inquiries are fewer. Companies are mainly fulfilling existing orders, with some resources offered at lower prices to accelerate payments before the Spring Festival. Mainstream companies' prices remain stable, and there is insufficient growth momentum in demand for calcined petroleum coke.

2. Aluminum Electrolytic Industry: Alumina futures prices have fallen sharply, coupled with increased social inventory of aluminum ingots. Market demand remains sluggish, with very few transactions in aluminum ingots. Spot aluminum prices are down, and the aluminum carbon materials market has low trading activity, suppressing the demand for calcined petroleum coke.

3. Anode Material Industry: The demand from downstream enterprises remains relatively stable, with most anode companies maintaining stable shipments. Given the rising cost of raw petroleum coke, it is unlikely for anode material prices to decrease. The situation is generally steady with no obvious growth in demand for calcined petroleum coke.

Overall Outlook:

Mid-to-high sulfur calcined petroleum coke faces a narrow decline in demand due to environmental factors. However, there is insufficient spot supply before the Spring Festival, and the continuous increase in raw material prices provides strong support for calcined petroleum coke prices. It is expected that the price will remain firm.

 Graphite electrode raw materials in Chinese domestic market price (as of Jan. 10th)

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